APC JE > RICS Background > Flashcards

RICS Background Flashcards

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1
Q

When was the RICS Founded? and when was the royal charter granted and by who?

A
  • founded 1868
  • Charter 1881
  • Granted by Privy Council
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2
Q

5 benefits of the RICS?

A
  1. Status - Your professional credentials provide unrivalled client and market confidence.
  2. Recognition- Promotion of your professional excellence to governments and markets
  3. Market advantage- RICS status and standards give you a competitive advantage
  4. Knowledge - International practice standards, professional guidance, CPD, and knowledge sharing
  5. Network - Access to 137,500 RICS professionals worldwide
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3
Q

RICS requirements Post qualification for CPD?

A
  1. All members must undertake a minimum of 20 hours CPD each calendar year (January to December). 10 hours must be formal
  2. All members must maintain a relevant and current understanding of our professional and ethical standards during a rolling three-year period. Any learning undertaken in order to meet this requirement may count as formal CPD.
  3. Members must record their CPD activity online by 31 January.
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4
Q

Levels of Membership? (4)

A
  1. FRICS
  2. MRICS
  3. AssocRICS
  4. Trainee/Student
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5
Q

How do you become a FRICS?

A

4 of the following
- MRICS for 5+ years
- Leadership role
- Professional achievement
- academic achievement
- Raising the profile of the RICS

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6
Q

Governance Structure

A
  1. Under Royal Charter Terms
  2. Governing Council have over 20 members and runs the RICS
  3. Standard, management and regulations board report to the above.
  4. 17 Professional groups that cover property, land and construction. each with an elected board.
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7
Q

Who is the RICS President? and when was she elected?

A

Tina Paillet FRICS
from 1st January 2024

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8
Q

Who is the CEO?

A

Justin Young FRICS

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9
Q

What is the Role of the RICS?

A

‘The Royal Institustion of Chartered Surveyors promotes and enforces the highest professional qualifications adn standards in the development and management of land, real estate, construction and infrastructure’

  • Accountable for both members and the public
  • Involved in policy influence and political engagements
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10
Q

The RICS’ 3 Main Roles?

A
  1. To maintain the highest standards of education and training.
  2. To protect consumers through strict regulations of professional standards
  3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues.
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11
Q

What are the requirements for registration?

A
  1. Firms providing surveying services to the public must register. Must have RICS member.
  2. Regulations provide a ‘gold standard’ of quailty control.
  3. annual returns to RICS confirming compliance.
  4. practise can be sole practitioner, partnership, LLP or corporate body.
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12
Q

what is the RICS guidance for regulation for firms ? and what does it state?

A
  • RICS ‘Rules for the regulations of firms’ 2022 (02 Feb 2022)
  • If 50% of principals are RICS members then it must be regulated, if its 25% then they can apply.
  • Principals are someone who us able to act autonomously without supervision in a firm.
  • must be a ‘Responsible Principal’ who must ensure steps to comply with RICS requirements.

Only RICS members and registered firms can use the RICS Logo.

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13
Q

If you want to set up on your own what must you do? ( 3 basics)

A
  • Apply for regulation to the RICS
  • PII
  • Public liability insurance
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14
Q

What information is required by the RICS to register? (7)

A
  • Type of business and staffing
  • Name of Responsible Principle
  • Statutory regulated activates (eg financial services)
  • Nature of clients
  • CHP
  • PII details
  • Whether the firm holds clients money
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15
Q

when was the RICS rules of Conduct 2021 published? and what are they? And why did they change?

A
  • 2nd February 2022
  • Applies to members and firms
  • Examples of behaviours for each rule (12 case studies)
  • more of a focus of Inclusive an technology
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16
Q

5 rules of Conduct?

A

RULE 1
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

RULES 2
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

RULE 3
Members and firms must provide good-quality and diligent service.

RULE 4
Members and firms must treat others with respect and encourage diversity and inclusion.

RULE 5
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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17
Q

What is RULE 1 of the RICS Rules of Conduct 2021?

A

Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

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18
Q

What is RULE 2 of the RICS Rules of Conduct 2021?

A

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

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19
Q

What is RULE 3 of the RICS Rules of Conduct 2021?

A

Members and firms must provide good-quality and diligent service.

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20
Q

What is RULE 4 of the RICS Rules of Conduct 2021?

A

Members and firms must treat others with respect and encourage diversity and inclusion.

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21
Q

What is RULE 5 of the RICS Rules of Conduct 2021?

A

Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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22
Q

Mandatory professional obligations for RICS Members? (3)

A
  1. Comply with CPD
  2. Cooperate with the RICS
  3. Prompt provide information by the Standards and Regulations Boards.
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23
Q

Mandatory professional obligations for regulated firms? (7)

A
  1. Publish CHP and maintin log
  2. Ensure all current and previous employies are covered by PII
  3. sole prationaers must make arrangments if they cant continue with work (death, incapcaity)
  4. Cooperate with the RICS
  5. Prompt provide information by the Standards and Regulations Boards.
  6. Display that they are in accordance with the RICS
  7. Report matters to RICS in line with the Rules of registation.
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24
Q

Why were the new Rules of Conduct 2021 developed? (5)

A
  • Simpler Structure
  • Clear Examples
  • focus on Respect, diversity and inclusion
  • understanding evolving technology
  • Tackling global changes.
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25
Whats is the RICS Ethics Decision Tree?
- Provides a framework of questions that members should ask themselves facing a potentially unethical situation.
26
RICS 'Regulatory decision making - Version 4' ?
Provides an outline of regulatory approach by RICS members; the disciplinary process is set out in 'RICS Regulatory Tribunal Rules", 2022.
27
3 levels of Disciplinary action?
1. Action by Head of Regulation 2. Disciplinary Panel 3. Appeal Panel
28
4 actions the Head of Regulations can action at the start of an investiagations?
1. Fixed Penalty Notice 2. Make a Regulatory Compliance Order 3. Refer to a member of the Regulatory Tribunal 4. Refer to Disciplinary Panel
29
Penalties by the Disciplinary Panel? (7)
1. Make a Regulatory Compliance Order 2. Reprimand 3. Fine 4. unlimited fine per breach (must be proportionate) 5. Impose condition of further registration 6. Expulsion 7. Publication of the results of the hearing.
30
What is the central purpose of the RICS?
1. To maintain the highest standards of education and training 2. To protect consumers through strict regulation of professional standards 3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues
31
Conflict avoidance VS Conflict Management
- Avoidance (NO) - Say no to the instruction. - Management (Yes) - Say yes, and then steps are agreed and put in place to manage the conflict, such as information barriers/ethical barriers and written agreement.
32
RICS Global Professional Statement on Conflicts of Interest 2017
- Adopted 1st Jan 2018. - It States 'a member must not advise or represent a client where doing so would involve a conflict of interest or a significant risk of a conflict of interest, other than where all those who are, or may be affected have provided their informed consent.'
33
Three Types of Conflicts
1. 'Party Conflict', two different parties working on the same instruction. 2. 'Own Interest Conflict', Personal interest. 3. 'Confidential Information Conflict', work between two parties that is confidential.
34
How to Handle a COI (3 steps)
1. Conflict Avoidance, upon full facts can we manage the conflict to maintain transparency and openness. 2. Written Advise, disclose the conflict (nature, facts and intent to deal), Clarity (be as clear as you can) and Consent (request written consent before going forward). 3. Conflict Management, implement the management plan set out above as agreed in writing.
35
RICS standard on conflict of interest?
RICS Professional (Standard): conflict of interest 2017.
36
How do you set fees?
- Fees are set in line with the market. - Aggressive fee cutting should be avoided.
37
When can you negotiate your fee?
- After an initial fee has been quoted with respect to the initial market quote. - Or you wish to vary your proposed level of service.
38
First 3 steps of engagement?
1. Competent 2. COI 3. TOE before starting work
39
What do you additionally have to do for Agency at the start of an instruction?
1. Compliance with Section 18 of the Estate Agency Act 1979 2. Money laundering check (money Laundering Regulations, 2017 (AMENDED)) 3. 14 day Cooling off period from the date of agreement (Consumer Rights Act 2015)
40
Reason to decline instruction?
- Not competent - do not have sufficient facts - TOE not signed - COI - PII cap - Free work (friends) - on the Governments Sanction list - Content with their actions being public?
41
Additional COI legislation for Commercial agency?
- RICS Professional Statement: Conflict of Interest - UK commercial property market investment agency 2017 - In effect January 2018
42
Whats in the UK commercial property market investment agency 2017?
Dual agency - Must not be done post-2018 Multiple introductions - Exclusive or non-exclusively (informed consent is needed if you want to introduce purchasers)
43
Example of incremental advice?
Eg. Agent acting for the seller in reaction to disposal is approached by the buyer and lender to provide a valuation. - Need informed consent and information barriers.
44
what is the guidance for Complaints handling Procedures
- RICS Complaints Handling (1st Edition) July 2016 - CHP must be approved by RICS -PII must be informed ASAP when a complaint comes in. -CHP should be issued In terms of business. -Must logged, progressed and the outcome -Alternative Dispute Resolution (ADR) mechanism must be included.
45
Minimum procedures for handling complaints.
-Stage One (in-house) - Must be raised to the Complaints Handling Officer, must be in writing, acknowledged within 7 days and investigated within 28. -Stage Two (ADR) – if they are not happy they must go to an independent redress scheme, the client must be informed of the third party this goes to.
46
When do the RICS get involved with a complaint?
- When a member fails to respond to a complaint. - Prevents the party from gaining access to an independent redress mechanism.
47
Guidance on PII?
- Professional Indemnity Insurance Requirements (Version 10) Effect July 2024. - All polices must be underwritten by an RCS-approved insurer.
48
Why do we have PII
To protect client, surveyors and third parties against negligence claims when there is a duty of care breach and a claim arises.
49
Firms turnover to Minimum level of indemnity required
£100,000 or less = £250,000 £100,001 to £200,000 = £500,000 £200,001 + = £1,000,000
50
Turnover to Maximum uninsured excess
< £10 million = The great of 2.5% of the sum insured or £10,000 £10 million < = no set limit
51
Run-off Cover amounts and time period?
1. Consumer claims = £1 million for 6 years after 2. Commercial claims = firms decide what is appropriate for 6 years after 3. Cant get Run-Off cover the can apply to the RICS Run-off Pool
52
What is Negligence?
When a duty of care is breached on behalf of a client or third party and that breach results in a claim for damages arising.
53
Case study for Negligence?
Scullion v Bank of Scotland plc (t/a Colley) (2010) A surveyor who provides valuation advise to a lender does not owe the borrower a duty of care.
54
Social Media guidance?
- Use of Social media: Guidance for RICS members, 2024 - The RICS may take action if your posts don't promote trust.
55
RICS are likely to investigate social media posts when they are? (6)
- Discrimination - Dishonesty - Abusive - Bulling/harassing - Large number of concerning communications - Ignores previous advice
56
Six area of Good Practise set out in the RICS Professional Standard 'clients Money Handling', 1st edition 2019?
1. Holding Client Money 2. Providing information to clients 3. Receipts of client money 4. Payments from clients accounts 5. accounting records and controls 6. Compliance
57
RICS Compliance to Start a new practice? (13)
- Inform RICS by Firm Detail Form - Appoint Responsible Principal - Register with RICS for regulation - PII - Procedure for Client Money Handling (including protection scheme) - RICS Valuer Registration Scheme for valuers - CHP - Complaints log - Complaints handling office - Use a logo kit from the RICS - Plan of succession - CPD log - Annual completion of the RICS Annual Returns
58
Statutory Compliance to Start a new practice? (13)
- Disclose business name - Disability discrimination compliance (Equality Act 2010) - Finical Services compliance - Bribery Act 2010 Compliance - Appoint a Money Laundering reporting Office - H&S Compliance - Asbestos register - Fire Safety Compliance - Register for Data protection - Estate agency compliance - Inform HMRC FOR VAT and Tax registration - Ensure compliance with current employment law - insurance for employer and public liability.
59
1. Inform the RICS of your closure. 2. Ensure Clients are informed and handover has been arranged. 3. Return Monies 4. Inform Insurers, PII and Runoff cover (6 years) 5. Copy of clients files (6 years).
60
Why do they amend the rules of conduct?
To provide a single set of rules that provide clarity
61
When would a disciplinary produces be needed?
- Criminal activity - Compliant
62
what insurance do a firm need?
- Public lability - Employers Liability - Building insurance - PII - Run off (Closing the firm)
63
Can you name some RICS Bye-Laws? (10)
RICS Bye-Laws updated 2020 Bye-Law 1; Applications and Definitions Bye-Law 2; Membership and Registration Bye-Law 3; Designations Bye-Law 4; Contributions to Funds Bye-Law 5; Conduct Bye-Law 6; Govern Council Offercs and staff Bye-Law 7; Subordante Board, Committees and Groups Bye-Law 8; Procedure for genral meetings Bye-Law 9; Accounts and Audit Bye-Law 10; Genral
64
whats a bye law?
A regulation made by an authority
65
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